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California FAIR Plan Increases Commercial Coverage Limits to $20M Per Location

The California FAIR Plan Association is offering increased commercial coverage of up to $20 million per location.

Prior to the adjustment, the maximum limits for commercial coverage were $8.4 million per location. Business owners policy property coverage limits will also increase to $20 million, effective December 14.

There are no additional underwriting requirements for these increased limits, and no additional documentation beyond the previous requirements for commercial applications and endorsements is needed to obtain coverage at the increased limits, according to the FAIR Plan.

As of September 2023, the FAIR Plan had 330,101 policies in force, representing a nearly 21% increase since the beginning of 2023.

Source: www.insurancejournal.com